WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets.

The article even invokes the Enron name in a quote from an oil & gas partnership apologist manager.

"Speculation is the root of capitalism," he said. "If the speculation is forced out of the U.S. exchanges, it'll simply show up on other exchanges that are OTC like the ICE, or new exchanges will pop up to allow for the spec trades to continue functioning."
Ryan said he does see a reason for Congress to look at eliminating aspects such as allowing West Texas intermediate crude oil futures to trade on foreign markets and the "Enron loophole," but "these exchanges are currently functioning as they are supposed to in a free marketplace."

I'd be cheering congress on, but for the involvement of none other than Joe Lie-berman. Oh oh, just more smoke & mirrors?

SAN FRANCISCO (MarketWatch) -- In the latest salvo against energy speculators, the influential chairman of the House Energy and Commerce Committee vowed Thursday to strip a "veil of secrecy" from energy markets by giving more power to the Department of Energy.
The bill, introduced by Rep. John Dingell, D-Mich., and co-sponsored by Joe Barton, R-Texas, the senior Republican on the committee, would allow the secretary of energy to gather information from multiple federal agencies and commissions on factors affecting the price of oil.

I feel quite pessimistic where renewable energy is concerned tonight. Watching Who Killed The Electric Car? didn't help matters.  

"Only when we are no longer afraid do we begin to live." Dorothy Thompson, Journalist